Dublin V The rest

WhiteWalls

Dublin house prices at the moment are obviously on the up with little supply etc and bidding wars.

Outside of Dublin on the commuter belt in say Meath and Kildare, is there similar stories of bidding wars and no supply resulting in sales reaching far higher prices than expected?!

RichardAnd

This is anecdotal.

I saw a house in rural Wicklow a few weeks ago. It was a very small, though very nice house on just under an acre of land. The asking price was 220k. I called the agent to ask about it, and she told me that the current offer, after 24 hours of being on the market, was 230k. This has climbed to 235 a day or so later, and she told me that there were still many interested parties. I left it at that, but not before she encouraged me to place an offer "just to say in the loop".

Make of that what you will. For my own part, my opinion of estate agents is getting dangerously close to my opinion of the mainstream media...

WhiteWalls

I agree, surely in this day and age there is a more transparent way of doing things.

WhiteWalls

WhiteWalls wrote: »

Outside of Dublin on the commuter belt in say Meath and Kildare, is there similar stories of bidding wars and no supply resulting in sales reaching far higher prices than expected?!

A good indicator on how Kildare is doing is to check out Homebid.ie. Plenty going over asking.

dobman88

WhiteWalls wrote: »

Dublin house prices at the moment are obviously on the up with little supply etc and bidding wars.

Outside of Dublin on the commuter belt in say Meath and Kildare, is there similar stories of bidding wars and no supply resulting in sales reaching far higher prices than expected?!

Purely anecdotal and a small sample size but any house that goes for sale around me doesnt last a week before sale agreed signs go up. Ashbourne in Meath.

The_Fitz

Was looking at a house in Laytown. Up for 240k about a month ago I think and it went for 290k.

Del2005

RichardAnd wrote: »

This is anecdotal.

I saw a house in rural Wicklow a few weeks ago. It was a very small, though very nice house on just under an acre of land. The asking price was 220k. I called the agent to ask about it, and she told me that the current offer, after 24 hours of being on the market, was 230k. This has climbed to 235 a day or so later, and she told me that there were still many interested parties. I left it at that, but not before she encouraged me to place an offer "just to say in the loop".

Make of that what you will. For my own part, my opinion of estate agents is getting dangerously close to my opinion of the mainstream media...

A site on an acre of land with a building already on, it in one of the toughest councils to get permission to build a one off house, and its within commuting distance of Dublin and you think that the estate agent is making up bids!

Estate agents have to keep records of offers and plenty of posters here complain about estate agents asking for proof of mortgage approval before they can make an offer. Yet you think that they are making up bids.

RichardAnd

Del2005 wrote: »

A site on an acre of land with a building already on, it in one of the toughest councils to get permission to build a one off house, and its within commuting distance of Dublin and you think that the estate agent is making up bids!

Estate agents have to keep records of offers and plenty of posters here complain about estate agents asking for proof of mortgage approval before they can make an offer. Yet you think that they are making up bids.

I never said anything of sort. I don't doubt that there was interest, but trying to get me to make an offer was merely a means to go back to the other bidders to get an extra few grand. The property would sell one way or another; she was merely being greedy.

jrosen

We live in Kildare, definitely since 2018 there has been over bidding in the houses we looked at. Alot of home owners not willing to accept asking. Easily 40K over

awec

The commuter belt is really just an extension of the Dublin market. It behaves very similarly.

runawaybishop

RichardAnd wrote: »

I never said anything of sort. I don't doubt that there was interest, but trying to get me to make an offer was merely a means to go back to the other bidders to get an extra few grand. The property would sell one way or another; she was merely being greedy.

Greedy? She was merely doing her job, which is to get the best price possible for her client.

givyjoe

runawaybishop wrote: »

Greedy? She was merely doing her job, which is to get the best price possible for her client.

Eh, she asked for an offer from the poster JUST to be kept in the loop. I dont think her job is soliciting false offers to artificially bump up a sell price. Her job is to get the best price sure, but that should not be by such means.

Dav010

givyjoe wrote: »

Eh, she asked for an offer from the poster JUST to be kept in the loop. I dont think her job is soliciting false offers to artificially bump up a sell price. Her job is to get the best price sure, but that should not be by such means.

Did the poster say the offer they made would be false? An EA trying to get an interested buyer to bid is hardly a new development. If my EA wasn’t trying to get bids in, I’d be pissed off.

RichardAnd

runawaybishop wrote: »

Greedy? She was merely doing her job, which is to get the best price possible for her client.

She had a pool of interested parties who were bidding against each other, and I had been clear that I wasn't interested in getting into a bidding war for a property that I was only marginally interested in. All that soliciting a bid from me would have achieved is to raise the final price for more interested parties.

The job of the agent is to sell houses and to make a profit for her employer. The above behaviour is an underhanded way of milking more money from customers, and that's no way to treat the people who are keeping you in business through their custom.

Dav010

RichardAnd wrote: »

She had a pool of interested parties who were bidding against each other, and I had been clear that I wasn't interested in getting into a bidding war for a property that I was only marginally interested in. All that soliciting a bid from me would have achieved is to raise the final price for more interested parties.

The job of the agent is to sell houses and to make a profit for her employer. The above behaviour is an underhanded way of milking more money from customers, and that's no way to treat the people who are keeping you in business through their custom.

You are missing a bit there, their job is to achieve the highest price achievable for the seller, not just make a profit.

RichardAnd

Dav010 wrote: »

You are missing a bit there, their job is to achieve the highest price achievable for the seller, not just make a profit.

All businesses seek to achieve the highest margin of profit, and I have no issue with that; far from it.

However, other businesses manage to make a healthy profit without resorting to to such tactics. The estate agent in question may have achieved a higher price for the property by soliciting bids from individuals such as me, but she also has left me with a less than favourable view of her organisation. I would think twice before doing business with them in future.

Dav010

RichardAnd wrote: »

All businesses seek to achieve the highest margin of profit, and I have no issue with that; far from it.

However, other businesses manage to make a healthy profit without resorting to to such tactics. The estate agent in question may have achieved a higher price for the property by soliciting bids from individuals such as me, but she also has left me with a less than favourable view of her organisation. I would think twice before doing business with them in future.

If you avoid every EA who tries to get buyers to make bids, who are you hoping to buy a house from?

Pistachios & cream

I enquired about a house in limerick that went up for €390k, the morning after it went live on daft the EA had 18 serious bidders with proof of funds exceeding 450K. they were expecting it to reach 475K. supply is disastrous at the moment and some of the stuff coming on the market has been derelict for years.

ec18

RichardAnd wrote: »

I never said anything of sort. I don't doubt that there was interest, but trying to get me to make an offer was merely a means to go back to the other bidders to get an extra few grand. The property would sell one way or another; she was merely being greedy.

from her point of view though she has interested parties, it's not unreasonable for her to want to know you were willing to bid in order to keep you in the loop on the property

RichardAnd

ec18 wrote: »

from her point of view though she has interested parties, it's not unreasonable for her to want to know you were willing to bid in order to keep you in the loop on the property

I should have offered to bid UNDER the current highest offer; just to "stay in the loop".

givyjoe

Dav010 wrote: »

Did the poster say the offer they made would be false? An EA trying to get an interested buyer to bid is hardly a new development. If my EA wasn’t trying to get bids in, I’d be pissed off.

Jaysus, it was written in black and white for you. "Submit an offer and I'll keep you in the loop". Not, are you interested in actually buying, is it in your budget, do you have the funds.. nope. Just give me an offer so I can bump up the price. Your EA shouldn't need to be doing sh1t like this to get bids in, least of all at the moment. This sort of crap is how properties end up being relisted at the moment, soliciting offers that aren't really genuine only for everyone to back out. It's happened multiple times to me alone where I bowed out, only for the agent to come back later when the higher bidders all backed out.

Del2005

RichardAnd wrote: »

I should have offered to bid UNDER the current highest offer; just to "stay in the loop".

Or you could have matched the highest bid to stay in the loop.. You rang about the property and said that you were interested, how else can the estate agent find out how interested you are other than asking for a bid? You said no thanks I'm not bidding, the estate agent now knows that you are not interested and has moved on.

Asking for a bid is a quick way to get rid of time wasters.

ec18

RichardAnd wrote: »

I should have offered to bid UNDER the current highest offer; just to "stay in the loop".

point being missed a bit?

not being willing to bid or offering under the current bid is a fairly good sign you're a tyre kicker.

EA have no real fans but the agent at this time is probably correct. Esp when you can't view a home until it's SA atm. Why would she entertain you as a serious interest if you aren't willing to bid or bidding under current offer?

You seem to be annoyed at her for doing her job? Getting the best price for the vendor and weeding out any time wasters along the way.

C14N

RichardAnd wrote: »

I never said anything of sort. I don't doubt that there was interest, but trying to get me to make an offer was merely a means to go back to the other bidders to get an extra few grand. The property would sell one way or another; she was merely being greedy.

RichardAnd wrote: »

She had a pool of interested parties who were bidding against each other, and I had been clear that I wasn't interested in getting into a bidding war for a property that I was only marginally interested in. All that soliciting a bid from me would have achieved is to raise the final price for more interested parties.

The job of the agent is to sell houses and to make a profit for her employer. The above behaviour is an underhanded way of milking more money from customers, and that's no way to treat the people who are keeping you in business through their custom.

givyjoe wrote: »

Jaysus, it was written in black and white for you. "Submit an offer and I'll keep you in the loop". Not, are you interested in actually buying, is it in your budget, do you have the funds.. nope. Just give me an offer so I can bump up the price. Your EA shouldn't need to be doing sh1t like this to get bids in, least of all at the moment. This sort of crap is how properties end up being relisted at the moment, soliciting offers that aren't really genuine only for everyone to back out. It's happened multiple times to me alone where I bowed out, only for the agent to come back later when the higher bidders all backed out.

I'm not really sure what the offense committed here was. She works for the seller, she wants the price as high as possible for them so she can get a bigger commission. At the end of the day, it's their house, they can "bump" the price up to whatever they want, they don't need offers (real or otherwise) to do it. If they wanted they could say that actually they won't part with the house for less than €300k, but the risk of doing that is they would possibly lose all the prospective buyers and then have to come back to them from a position of weakness at a lower price.

I don't think its a good situation right now where getting dozens of offers above asking seems to be becoming the norm, but given that it is the norm and houses are often selling quickly, I can see why EAs will try to filter the list of buyers down and aren't going to bother keeping someone up to date on it if they have no idea whether they're even serious about buying or not. If you were selling and had 20 people interested and putting in offers after two days, would you hold yourself to selling at original asking price or would you start seeing who had actual funding and was willing to pay the most? And would you keep reaching out to people who said they were interested but didn't even state what they would pay for it when you have multiple other people lined up with funding and offers?

awec

RichardAnd wrote: »

She had a pool of interested parties who were bidding against each other, and I had been clear that I wasn't interested in getting into a bidding war for a property that I was only marginally interested in. All that soliciting a bid from me would have achieved is to raise the final price for more interested parties.

The job of the agent is to sell houses and to make a profit for her employer. The above behaviour is an underhanded way of milking more money from customers, and that's no way to treat the people who are keeping you in business through their custom.

You were a complete waste of their time. You were basically the definition of a tyre kicker.

givyjoe

C14N wrote: »

I'm not really sure what the offense committed here was. She works for the seller, she wants the price as high as possible for them so she can get a bigger commission. At the end of the day, it's their house, they can "bump" the price up to whatever they want, they don't need offers (real or otherwise) to do it. If they wanted they could say that actually they won't part with the house for less than €300k, but the risk of doing that is they would possibly lose all the prospective buyers and then have to come back to them from a position of weakness at a lower price.

I don't think its a good situation right now where getting dozens of offers above asking seems to be becoming the norm, but given that it is the norm and houses are often selling quickly, I can see why EAs will try to filter the list of buyers down and aren't going to bother keeping someone up to date on it if they have no idea whether they're even serious about buying or not. If you were selling and had 20 people interested and putting in offers after two days, would you hold yourself to selling at original asking price or would you start seeing who had actual funding and was willing to pay the most? And would you keep reaching out to people who said they were interested but didn't even state what they would pay for it when you have multiple other people lined up with funding and offers?

The bolded part right there is the problem.. they absolutely cannot bump the price however they want, never mind should they. The whole reason there is a bid register now is to try and mitigate such shady practices from EA's, where they could make up all the magic offers they liked. Again, trying to solicit offers JUST to be kept in the loop isn't acting in the best interests of their client, not when it ends up back on the market as those offers don't turn out to be genuine. Thankfully many EA's dont operate this way, even at the moment. I've had plenty refuse to take an offer without proof of funds (AIP), an email confirming we've actually looked at the ad (viewed the video, virtual tour etc) along with an official offer. I've even had some refuse to take an offer until we actually viewed the property. The above, in their own words, was to stop what ive described from happening. Totally incorrect to assume offers/bumps in price by any means = acting in the vendors interest.

Your post is somewhat contradictory also, you say you dont see anything wrong with this practice, but then go on to say EA's need to filter out folks somehow? Encouraging offers like this, without qualifying the level of actual interest is doing nothing to filter/or whittle down a list, its doing the opposite.

Guessing a lot of you here are vendors or EA's?! You'll be happy with such practices until you're buying yourself, or the sale falls through!

awec

givyjoe wrote: »

The bolded part right there is the problem.. they absolutely cannot bump the price however they want, never mind should they. The whole reason there is a bid register now is to try and mitigate such shady practices from EA's, where they could make up all the magic offers they liked. Again, trying to solicit offers JUST to be kept in the loop isn't acting in the best interests of their client, not when it ends up back on the market as those offers don't turn out to be genuine. Thankfully many EA's dont operate this way, even at the moment. I've had plenty refuse to take an offer without proof of funds (AIP), an email confirming we've actually looked at the ad (viewed the video, virtual tour etc) along with an official offer. I've even had some refuse to take an offer until we actually viewed the property. The above, in their own words, was to stop what ive described from happening. Totally incorrect to assume offers/bumps in price by any means = acting in the vendors interest.

Your post is somewhat contradictory also, you say you dont see anything wrong with this practice, but then go on to say EA's need to filter out folks somehow? Encouraging offers like this, without qualifying the level of actual interest is doing nothing to filter/or whittle down a list, its doing the opposite.

Guessing a lot of you here are vendors or EA's?! You'll be happy with such practices until you're buying yourself, or the sale falls through!

You're still missing the point.

Bid or don't. Whatever. Ask for proof of funds before bidding, that's great.

To ring an EA, say you are only a little bit interested, but you're not interested in bidding, you don't want to get into a bidding war, but could you please keep me informed is an absurd approach to take, particularly when you have been told there are other parties who are actually interested.

Can you imagine how silly the process would become if EAs entertained every time waster who doesn't really know what they want? Can you imagine how frustrating that would be as a bidder?

"That's great, I'll lodge your bid, and I'll go ring that other guy who said he's not really interested and won't bid but wants to know that you've bid, and then I'll ring the other genuine bidder, and then I'll get back to you."

Daft.

"Hello Mr Car Salesman, I don't want to buy this car, but could you ring me if someone else tries to buy it?"

givyjoe

ec18 wrote: »

point being missed a bit?

not being willing to bid or offering under the current bid is a fairly good sign you're a tyre kicker.

EA have no real fans but the agent at this time is probably correct. Esp when you can't view a home until it's SA atm. Why would she entertain you as a serious interest if you aren't willing to bid or bidding under current offer?

You seem to be annoyed at her for doing her job? Getting the best price for the vendor and weeding out any time wasters along the way.

I think you're massively missing the point here yourself. She clearly absolutely did not give a sh1t if he was a tyre kicker, hence her suggestion for a bid to be kept in the loop. Really simple/more appropriate was to weed folks out is to ask for proof of funds whether that be a redacted AIP, or email from broker. Both I've been asked for and happy to provide. I've also had too many EA's more than happy to take bids without even asking did I have AIP in place, which as I've stated earlier, has ended up in sales falling through as they were coming from unqualified bidders.

Furze99

RichardAnd wrote: »

Make of that what you will. For my own part, my opinion of estate agents is getting dangerously close to my opinion of the mainstream media...

There's a reason why estate agents and those likewise in the property selling business are held in the lowest esteem. They are best regarded as a necessary evil IMHO.

awec

givyjoe wrote: »

I think you're massively missing the point here yourself. She clearly absolutely did not give a sh1t if he was a tyre kicker, hence her suggestion for a bid to be kept in the loop. Really simple/more appropriate was to weed folks out is to ask for proof of funds whether that be a redacted AIP, or email from broker. Both I've been asked for and happy to provide. I've also had too many EA's more than happy to take bids without even asking did I have AIP in place, which as I've stated earlier, has ended up in sales falling through as they were coming from unqualified bidders.

There is no if.

He was a tyre kicker. He told her as much.

C14N

givyjoe wrote: »

The bolded part right there is the problem.. they absolutely cannot bump the price however they want, never mind should they. The whole reason there is a bid register now is to try and mitigate such shady practices from EA's, where they could make up all the magic offers they liked. Again, trying to solicit offers JUST to be kept in the loop isn't acting in the best interests of their client, not when it ends up back on the market as those offers don't turn out to be genuine. Thankfully many EA's dont operate this way, even at the moment. I've had plenty refuse to take an offer without proof of funds (AIP), an email confirming we've actually looked at the ad (viewed the video, virtual tour etc) along with an official offer. I've even had some refuse to take an offer until we actually viewed the property. The above, in their own words, was to stop what ive described from happening. Totally incorrect to assume offers/bumps in price by any means = acting in the vendors interest.

Your post is somewhat contradictory also, you say you dont see anything wrong with this practice, but then go on to say EA's need to filter out folks somehow? Encouraging offers like this, without qualifying the level of actual interest is doing nothing to filter/or whittle down a list, its doing the opposite.

Guessing a lot of you here are vendors or EA's?! You'll be happy with such practices until you're buying yourself, or the sale falls through!

I'm a renter who is looking to buy, so no, not a vendor or EA, and I certainly don't have an interest in prices increasing on housing. I never said any bump by any means is in the interest of the seller, I specifically said

the risk of doing that is they would possibly lose all the prospective buyers and then have to come back to them from a position of weakness at a lower price.

If, a buyer, see a house going for €350k, and want to put in an offer at €350k, but the agent comes back and says they have an offer of €380k, I may well decide to just back out at that point. If they didn't actually have any other offers bigger than mine and it was all made up, now they don't have any buyers at all, which is their loss.

You seem to assume they were looking for completely hollow, spurious offers. Maybe they were, and they were just a really ineffective EA, but I don't see anything from the original anecdote to assume that's true. They just said they would keep the person in the loop if they made an offer. Given my own experience in dealing with EAs, this is pretty common, but they do also want to see proof of funds at least rather than just some figure you pulled out of your hat. If you aren't going to provide either, then it's a quick way to know you aren't really worth spending time on. If I was selling something on Adverts.ie for €20 I'd still want an offer before taking them seriously. Even if the offer is lower than the current highest offer, at least you know what they'd pay if the higher offers fall through.